Gold’s selloff is finally picking up momentum today and breach of 1786.65 support indicates resumption of whole decline from 2070.06. Further fall should be seen to 61.8% projection of 1998.23 to 1786.65 from 1878.92 at 1748.16.
It should be noted that fall from 1786.65 should now be in its fifth leg. That is, it should be near completion. Also, such decline is seen as the third leg of the consolidation pattern from 2074.84 (2020 high). Based on current structure, while break of 1748.16 cannot be ruled out, downside should be contained above 1682.60 support (38.2% retracement of 1046.27 to 2074.84 at 1681.92).
